The Lyme-Old Lyme Public Schools offer its employees many benefits including a comprehensive health and life insurance packet, retirement for the non-certified employees, and tax sheltered annuities which are available to all employees.
Life Insurance Coverage in the amount of $50,000 is provided for all full-time teachers and full-time members of the AFT Union and other full-time non-certified staff. Administrators are provided with life insurance coverage in the amount of of $500,000.
Teachers / Administrators
Membership and participation in the Teachers' Retirement System is mandatory for all eligible teachers. Eligibilty requirements are as follows:
1. You occupy a position which requires you to hold certification.
2. You possess the appropriate certification for that position.
3. You are employed for a minimum average of half-time or greater.
Your membership in the Teachers' Retirement System will begin the month in which you start working provided it is on the first working day of the month. The Central Office will provide you with a Membership Application for your completion. This form will be fowarded to the Teachers' Retirement Board in Hartford.
Teachers Retirement Board
21 Grand Street
Hartford, CT 06106-1500
1-800-504-1102 (toll free)
AFT / Other Non-Certified Employees
A retirement plan is in effect for eligible Non-Certified employees in the School District. The plan is paid for by the School District. All references to the employee retirement plan, pensions and retirement benefits in the AFT Agreement are illustrative only and are wholly subject to the terms and condition of the actual retirement plan. Any claims, disagreements or controversies of any nature about employee retirement benefits, the retirement plan, coverage, eligibility or any other retirement matters shall not be subject to the grievance and arbitration procedure of the AFT Agreement and instead must be taken up and addressed with the retirement plan administrator as provided in the retirement plan. The current rate paid into the retirement fund by the District is 8%. To be eligible for the Non-Certified retirement plan, an employee must work a minimum of 1,000 hours per year and must satisfy any other applicable eligibility requirements. Pension benefits become effective for employees on their one-year anniversary as an eligible employee.
All employees of the Lyme-Old Lyme Public Schools are eligible to sign up for Tax Sheltered Annuities. Deductions are made either twice a month from September through June (20 times per calendar year) OR from each paycheck (26 times per calendar year). Annuity questions should be directed to Kristen Cabral, Business Office, (860) 434-7238 x 3614
The following are the selection of companies employees may choose from to manage the annuities:
Franklin Templeton Investments
The district has also set up a 457 deferred compensation plan for its employees. This plan is in addition to the existing 403(b) plan. The contribution limit for the 457 plan is $17,500 for individuals under age 50 and $23,000 for individuals age 50 and over.
Currently there are three vendors available in the 457 Deferred Compensation Plan. They are ING, Aspire, and AXA Equitable. It is possible that additional vendors may be added in the future.
Please note that neither unforeseeable emergency withdrawals nor loans are permitted under the 457 Deferred Compensation Plan, unlike the 403(b) plan.